Forming and Running a Housing Co-Op
Understanding the Key Elements
A co-op is a corporation that is governed by the co-op act of the province or territory where the co-op is located. Most housing co-ops in Canada are not-for-profit corporations. As such members are not entitled to distribute dividends or share in the profits of the co-op.
As a corporation, housing co-ops must:
file an annual return to their Province/Territory;
have meetings; and
elect a board of directors.
In a co-op, decisions are made democratically by the members. A majority of the members must support a decision for it to be approved. Therefore:
As member-run organizations there are several ways that the members become involved with the co-op. This section provides an overview of their main responsibilities as a group. Specific details for each Province and Territory are provided in the Provincial and Territorial Fact Sheets.